On results of inspection of financial standing of JSCB Russian Trust Bank (JSC) by provisional administration

During the inspection of the financial standing of JSCB Russian Trust Bank (JSC), its provisional administration appointed by Bank of Russia Order No. OD-2637, dated 16 August 2016, following the revocation of the banking licence, has revealed operations, conducted by the bank’s former management and owners and bearing evidence of moving out assets worth over 3 billion rubles through providing loans to shell companies.

Moreover, the inspection revealed the operations related to moving out liquid assets through reassignment of claims on existing loans of legal entities and individuals.

According to the provisional administration estimates, the value of JSCB Russian Trust Bank (JSC) assets does not exceed 1,004 million rubles, while its liabilities to creditors amount to 4,456 million rubles, of which 3,729 million rubles are liabilities to individuals.

On 2 November 2016, the Court of Arbitration of the city of Moscow made a ruling to recognise JSCB Russian Trust Bank (JSC) as insolvent (bankrupt) and initiate bankruptcy proceedings with the state corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on financial operations bearing evidence of criminal offences of JSCB Russian Trust Bank (JSC) former management and owners to the Prosecutor General’s Office of the Russian Federation, the Russian Ministry of Internal Affairs and the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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07.12.2016 00.00.00